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Our Bureau

Mumbai , Aug. 25

THERE was a hiccup of sorts to the TCS IPO when it was discovered that shares had not been credited to around 25,000 applicants.

Conceding that this indeed was the case, Mr C. Parthasarthy, Chairman of Karvy Computer Share (Registrars to the TCS IPO), said it had happened due to the investors either not giving their dematerialisation (demat) account numbers in application forms or giving the wrong demat account numbers.

In some cases, the applicants had mentioned demat account numbers, which had been closed. "These details came to our notice when the shares were uploaded to the individuals' accounts," said Mr Parthasarthy.

He said the registrar has written to the investors asking them to submit their correct demat account numbers to credit the shares. He added the refund orders have also been dispatched to investors who have not been allotted shares.

The IPO was a fully demat one, and shares were to be credited to investors' demat accounts. The money to be refunded to them, likewise, was to be credited directly to their bank accounts as well. According to a statement from the company outlining the basis of allocation, the refund orders have been despatched on August 20, to the addresses of the investors as registered with the depositories. The refund orders have been printed with the bank mandate details as registered, if any, with the depositories.

Everything should be sorted out by the end of this week, he said.

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